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Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

9. Goodwill and Intangible Assets

As of September 30, 2025 and December 31, 2024, the Company’s goodwill balance was $145,925 and $162,333, respectively. The change in the period was due to changes within the measurement period, as described in Footnote 4, Acquisition. The Company’s goodwill resulted from the acquisition of BioDelivery Sciences International, Inc. (“BDSI”) (the “BDSI Acquisition”) on March 22, 2022 and the Ironshore Acquisition on September 3, 2024.

The following table sets forth the cost, accumulated amortization, and carrying amount of intangible assets as of September 30, 2025 and December 31, 2024:


	September 30, 2025						December 31, 2024
		Cost		Accumulated Amortization		Carrying Amount		Cost		Accumulated Amortization		Carrying Amount
Jornay PM	$	635,000	$	(90,113)	$	544,887	$	635,000	$	(27,242)	$	607,758
Belbuca		360,000		(265,762)		94,238		360,000		(209,214)		150,786
Nucynta Products		521,170		(479,633)		41,537		521,170		(438,094)		83,076
Symproic		70,000		(25,679)		44,321		70,000		(20,218)		49,782
Total intangible assets	$	1,586,170	$	(861,187)	$	724,983	$	1,586,170	$	(694,768)	$	891,402

The following table presents amortization expense recognized in cost of product revenues for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Jornay PM	$	20,957	$	6,285	$	62,872	$	6,285
Belbuca		18,849		18,849		56,544		56,545
Nucynta Products		13,847		13,847		41,538		41,537
Symproic		1,820		1,820		5,465		5,466
Total amortization expense	$	55,473	$	40,801	$	166,419	$	109,833

As of September 30, 2025, the remaining amortization expense expected to be recognized is as follows:


Years ended December 31,	Jornay PM		Belbuca		Nucynta Products		Symproic		Total
2025	$	20,958	$	18,845	$	13,845	$	1,824	$	55,472
2026		83,829		75,393		27,692		7,285		194,199
2027		83,829		—		—		7,285		91,114
2028		83,829		—		—		7,285		91,114
2029		83,829		—		—		7,285		91,114
Thereafter		188,613		—		—		13,357		201,970
Remaining amortization expense	$	544,887	$	94,238	$	41,537	$	44,321	$	724,983